First quarter earnings of £3m for Young's Seafood as it weathers exceptional challenges
TRADING UPDATE: Young's Seafood.
By Grimsby Telegraph | Posted: 2 Mar 2017
STRONG management of exceptional challenges has been praised at Grimsby’s largest private company, Young’s Seafood, as the Brexit effect and the start of the Icelandic fishing strike were negotiated.
First quarter results for the financial year ending in September 2017, saw earnings of £3 million on turnover of £128.8 million reported.
Bill Showalter, who was recently confirmed as permanent chief executive of the Ross House giant, after taking over on an interim basis from Pete Ward last summer, gave the update.
Touching on Brexit and the two-month Icelandic strike, he said: “Our strong management of exceptional challenges ensured we exited Quarter One on track with our medium term profitability target.
“We worked collaboratively with our retailer partners to mitigate exceptional Brexit driven foreign exchange and raw material inflation. With strong operational cost management, the results reflect both our underlying direct cost efficiency and our indirect cost management.
“The anticipated challenging Quarter One also saw industry-wide fish supply availability challenges which were well managed, with excellent customer service levels maintained.”
The two-month strike by Grimsby’s key trading partner came to an end last week, having began in mid-December. The industry has also seen salmon supply also hit by lice issues.
Mr Showalter added: “The successful execution of our chilled fish supply at Christmas, delivered excellent customer service, sales ahead of plan and in like-for-like growth year on year. Sales of our retail frozen fish continued to be solid and in growth year on year. Our brand remains the clear number one in both chilled and frozen market products, across multiple channels and temperature formats.”